NZD/JPY 4 Hour Price Update
Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)
After 6 down four-hour candles, NZD/JPY snaps its streak, rising 9 pips (0.13%) over the past four-hour candle to close at an exchange rate of 70.001. Relative to other instruments in the Forex asset class, NZD/JPY ranked 2nd the previous 4 hours in terms of percentage price change.
NZD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/JPY is down 3 pips (0.05%) since yesterday (opening today near 69.9609324), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, NZD/JPY ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of NZD/JPY.
NZD/JPY Technical Analysis
Notably, NZD/JPY is now close to its 20, 50 and 200 day averages, located at 70.3815, 69.8855 and 68.5695 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 7.5 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDJPY, with 6 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.55, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
The New Zealand Dollar may fall as the NZD/JPY and NZD/CAD exchange rates struggle to breach pivotal resistance.